IEA Trims Oil Supply Forecast Amid Middle East Conflict Delays

The International Energy Agency (IEA) has revised its forecast for global oil supply and demand downward, citing delays in resolving conflicts in the Middle East.

In a recent report, the IEA stated that inventories have played a crucial role in balancing the market so far this year.

However, with buffers shrinking and the global refining system stretched to its limit, the need for progress in ending the Iran war is greater than ever to avoid further market tightening.

The report also highlights the ongoing Russia-Ukraine conflict, which has now entered its fifth year, as a major contributor to the supply gap.